Emeritus Professor of Management (Entrepreneurship)

Gordon Murray is Professor Emeritus in Management (Entrepreneurship) at the University of Exeter Business School. Former academic positions include being a full-time faculty member of both Warwick and London Business Schools. Particular long-term research interests include: public policy support for high potential and innovative young firms; how national venture capital (VC) industries have evolved over time; the role of government policy actions in VC and Business Angel (BA) industry development; entrepreneurship policy formation; the identification and support of high growth young firms (‘gazelles’) and the genesis, growth and internationalisation of new technology-based firms.

Dr Murray has provided specialist advice and published research reports on the financing of enterprise/innovation policy to the UK government’s Enterprise Directorate and HM Treasury, the UK’s National Audit Office, the British, European and Australian Venture Capital Associations, the European Commission, the Finnish Ministries of Education and the Economy, the New Zealand Government and the Australian Commonwealth Government. He has been involved in the formal evaluations of enterprise and innovation related, public policy programmes in Australia, Denmark, Finland, Ireland, New Zealand, Sweden and the United Kingdom. In 2010, he became involved in a review of venture capital policy for the Chinese government in a project involving Tsinghua University Beijing and managed by the World Bank and the CPR Ministry of Finance. In the same year he was invited to be on an expert panel assessing the Innovation Policy plans of the Finnish government. In 2014, he and Professor Cowling evaluated the Danish public VC activities of the Vaekstfonden (Danish Growth Fund) programme at the invitation of the Danish government. In 2015, Professor Murray was invited by the Swedish Agency for Growth Policy Analysis (under the aegis of the Swedish Ministry of Trade and Industry) to manage an expert international team of academics advising Tillvaktanalys in designing the final evaluation of the Swedish Co-Investment Fund Initiative. Additional evaluation work is also being done on the EU’s demand for venture capital Fund of Fund resources for DG-Research. In 2016, the World Bank has asked Professors Murray and Marc Cowling to help advise on the creation and operational details of a Seed VC Co-investment Fund in Croatia.

A new area of work is focused on Crowdfunding and particularly Equity Crowdfunding. This new direction is consistent with over 20 years of work on entrepreneurial finance. He has been an active participant in NESTA meetings in this area and in 2015 was invited to produce a briefing paper (20pp) on the policy implications of crowdfunding regulation for the Australian Commonwealth government via the Institute of Public Accounts. He is currently writing a review paper (Ten Meditations on Public VC) on the lessons that 40 years of UK venture capital and business angel focused government policy may have for equity crowdfunding.

He has been a member of several expert working groups in the area of financing early-stage enterprise, and has co-authored over a dozen government published research reports, several book chapters, and a substantial number of peer reviewed, journal articles in top tier academic journals, including Journal of Business Venturing, Journal of International Business Studies, Research Policy, Strategic Entrepreneurship Journal, Small Business Economics, and International Small Business Journal.

An over-riding professional interest is to forge stronger links between the international academic research community and the architects of public policy in areas of enterprise and innovation. In his areas of expertise, Professor Murray is a supporter of appropriate, informed and (critically) rigorously evaluated, government intervention. Similarly, Professor Murray is interested in the platforms by which in cross-border policy learning can be encouraged. By such means, it is hoped that the term ‘evidence-based policy’ can become more than an often over-used and under-applied political statement. Professor Murray was also a founder (academic) member of the Research Advisory Board of the British Venture Capital and Private Equity Association in 2012. He is currently an invited expert adviser to the European Institute of Innovation & Technology (http://eit.europa.eu).

In June 2012, Professor Murray was awarded the Order of the British Empire (OBE) for his services to business in HRM Queen Elizabeth II’s Jubilee Birthday Honours List.

Academic & Career History

B.Sc. (Hons) Food Science (2.1), University of Nottingham, 1967-70

P/G Diploma in Economics (Distinction), University of East Anglia, 1976

PhD in Development Studies University of East Anglia, 1981 (Awarded one of only four national SSRC Doctoral Fellowships for 3 year tenure. Doctoral thesis subject was the study of the capital/finance structures of UK agricultural co-operatives and their implications on institutional behaviour and performance)

Central Council for Agricultural and Horticultural Co-operation (Eastern Region manager of a governmental support/grant body for UK agriculture) 1980-85

Food from Britain (Head of Research and adviser to Chairman of a UK agri-food industry, governmental promotion agency) 1985-88

In 1988, I decided to change my career at the age of 41 and become a full-time academic. This involved a fundamental and very challenging change of discipline and subject interest. Joined Warwick Business School, University of Warwick in 1988 prior to moving to London Business School in 1999 and University of Exeter in 2003.

Warwick Business School, UK (1988 – 1999)

Teaching Fellow in Small & Medium Enterprise Centre, 1988-89

Lecturer in Marketing and Strategic Management, 1989-96

Senior Lecturer in Marketing and Strategic Management, 1996-99

London Business School, UK (1999 to 2003)

Associate Professor, Entrepreneurship Department, 1999-2003

University of Exeter Business School (2003 - current)

Professor of Management (Entrepreneurship) - 2003-15

Emeritus Professor of Management (Entrepreneurship) – from 2015

Nationality: British

Research interests

I am currently an Emeritus Professor at the University of Exeter. The majority of my professional time is spent on government policy-related enquiries on Entrepreneurial Finance. I have been involved with several official evaluations of government programmes as the external expert on venture capital. My remaining professional time is allocated to research activities (including related consultancy projects) with long term academic co-authors including professors Marc Cowling, Regis Coeurderoy and Marrku Maula. Projects have a strong policy interests and focus on Entrepreneurship/ Innovation subjects related to young innovative companies. Major project collaborations have recently been conducted in Australia, China, Denmark, Finland, Sweden, and the UK.

Coeurduroy R, Murray GC (2008). Institutional Environments and the location decisions of Start-ups: Evidence from the first international market entries of new technology-based firms. Journal of International Business Studies, 1(39), 670-687.

Abstract:Institutional Environments and the location decisions of Start-ups: Evidence from the first international market entries of new technology-based firms

, R. and , G. C. 2008 “Institutional New-technology-based firms (NTBFs) embarking on a strategy of rapidinternationalisation choose foreign market entries that minimise transactioncosts and the related risks of failure. Means to reduce the young firms’vulnerability to the appropriation of intellectual capital are particularlyimportant influences on early foreign market choices. We explore the effectof the institutional dimension, specifically the national regulatory environment,on the location choices and the speed of internationalisation by British andGerman NTBFs. We provide evidence that entrepreneurial young firms chooseto enter country markets offering better regulatory protection for theirintellectual property. This decision is moderated by a home regulatory regimebias. In contrast, we observe that the speed of internationalisation is influencedless by the foreign regulatory regime and more by industry and firmcharacteristics. We also observe that managerial experience influences thelocation choices of NTBFs facing regulatory hazards.

Coeurduroy R, Murray GC (2008). Institutional Environments and the location decisions of Start-ups: Evidence from the first international market entries of new technology-based firms. Journal of International Business Studies, 1(39), 670-687.

Abstract:Institutional Environments and the location decisions of Start-ups: Evidence from the first international market entries of new technology-based firms

, R. and , G. C. 2008 “Institutional New-technology-based firms (NTBFs) embarking on a strategy of rapidinternationalisation choose foreign market entries that minimise transactioncosts and the related risks of failure. Means to reduce the young firms’vulnerability to the appropriation of intellectual capital are particularlyimportant influences on early foreign market choices. We explore the effectof the institutional dimension, specifically the national regulatory environment,on the location choices and the speed of internationalisation by British andGerman NTBFs. We provide evidence that entrepreneurial young firms chooseto enter country markets offering better regulatory protection for theirintellectual property. This decision is moderated by a home regulatory regimebias. In contrast, we observe that the speed of internationalisation is influencedless by the foreign regulatory regime and more by industry and firmcharacteristics. We also observe that managerial experience influences thelocation choices of NTBFs facing regulatory hazards.

Coeurderoy R, Murray G (2008). Regulatory environments and the location decision: evidence from the early foreign market entries of new-technology-based firms. Journal of International Business Studies, 39(4), 670-687. Full text.

Dimov D, Murray GC (2007). An examination of the determinants of the incidence and scale of seed capital investment activity by venture capital firms 1962-2002. Small Business Economics, 30(2), 127-152. Full text.

Dimov, D. (2007). Determinants of the Incidence and Scale of Seed Capital Investments by Venture Capital Firms. Small Business Economics

Murray GC, Autio E, Maula MVJ (2005). Corporate Venture Capitalists and Independent Venture Capitalists: What do they Know, Who do they Know and should Entrepreneurs Care?. Venture Capital: an International Journal of Entrepreneurial Finance, 7(1), 3-21.

Maula MVJ, Autio E, Murray GC (2005). Corporate Venture Capitalists and Independent Venture Capitalists: What Do They Know, Who Do They Know, and Should Entrepreneurs Care?. In Elfring T (Ed) Corporate Entrepreneurship and Venturing, New York: Springer Verlag, 101-126. Full text.

Coeurduroy R, Murray GC (2005). Legal Environments and. First International Market Entries: Evidence on the Internationalisation of New Technology-based Firms in Three European Countries. In Spithoven A, Teirlinck P (Eds.) Beyond Borders: Internationalisation of R&D Policy Implications for Small Open Economics, Elsevier.

Maula MVJ, Murray GC (2002). Corporate Venture Capital and the Creation of Us Public Companies: the Impact of Sources of Venture Capital on the Performance of Portfolio Companies. In Lucier C, Nixon R (Eds.) Creating Value: Winners in the New Business Environment, Oxford: Blackwell.

Toschi L, Murray GC (2009). A cross-country review on Investment Readiness. How can small and medium size enterprises improve. their access to equity finance?. Department of Business Innovation and Skills, London.

Harding R, Cowling M, Murray GC (2003). Assessing the Scale of the 'Equity Gap' in the UK Economy. H.M. Treasury and Small Business Service.

Birkinshaw J, Murray GC, van Basten Batenburg R (2002). Corporate Venturing: the State of the Art and the Prospects for the Future. London Business School, London.

Brugel O, Fier A, Licht G, Murray GC (2001). The Rapid Internationalisation of High Tech Young Firms in Germany and the United Kingdom. Anglo-German Foundation for the Study of Industrial Society, AGF. Full text.

2012

2009

Toschi L, Murray GC (2009). A cross-country review on Investment Readiness. How can small and medium size enterprises improve. their access to equity finance?. Department of Business Innovation and Skills, London.

Abstract:Twelve. Meditations on Venture Capital

2008

Coeurduroy R, Murray GC (2008). Institutional Environments and the location decisions of Start-ups: Evidence from the first international market entries of new technology-based firms. Journal of International Business Studies, 1(39), 670-687.

Abstract:Institutional Environments and the location decisions of Start-ups: Evidence from the first international market entries of new technology-based firms

, R. and , G. C. 2008 “Institutional New-technology-based firms (NTBFs) embarking on a strategy of rapidinternationalisation choose foreign market entries that minimise transactioncosts and the related risks of failure. Means to reduce the young firms’vulnerability to the appropriation of intellectual capital are particularlyimportant influences on early foreign market choices. We explore the effectof the institutional dimension, specifically the national regulatory environment,on the location choices and the speed of internationalisation by British andGerman NTBFs. We provide evidence that entrepreneurial young firms chooseto enter country markets offering better regulatory protection for theirintellectual property. This decision is moderated by a home regulatory regimebias. In contrast, we observe that the speed of internationalisation is influencedless by the foreign regulatory regime and more by industry and firmcharacteristics. We also observe that managerial experience influences thelocation choices of NTBFs facing regulatory hazards.

Coeurderoy R, Murray G (2008). Regulatory environments and the location decision: evidence from the early foreign market entries of new-technology-based firms. Journal of International Business Studies, 39(4), 670-687. Full text.

Murray GC (2008). The Estoril Declaration. EC/Portuguese Government for the Portuguese European Union Presidency, Lisbon & Brussels, European Commission/Ministry of Economics, Portugal.

2007

Dimov D, Murray GC (2007). An examination of the determinants of the incidence and scale of seed capital investment activity by venture capital firms 1962-2002. Small Business Economics, 30(2), 127-152. Full text.

Dimov, D. (2007). Determinants of the Incidence and Scale of Seed Capital Investments by Venture Capital Firms. Small Business Economics

2005

Maula MVJ, Autio E, Murray GC (2005). Corporate Venture Capitalists and Independent Venture Capitalists: What Do They Know, Who Do They Know, and Should Entrepreneurs Care?. In Elfring T (Ed) Corporate Entrepreneurship and Venturing, New York: Springer Verlag, 101-126. Full text.

Murray GC, Autio E, Maula MVJ (2005). Corporate Venture Capitalists and Independent Venture Capitalists: What do they Know, Who do they Know and should Entrepreneurs Care?. Venture Capital: an International Journal of Entrepreneurial Finance, 7(1), 3-21.

Coeurduroy R, Murray GC (2005). Legal Environments and. First International Market Entries: Evidence on the Internationalisation of New Technology-based Firms in Three European Countries. In Spithoven A, Teirlinck P (Eds.) Beyond Borders: Internationalisation of R&D Policy Implications for Small Open Economics, Elsevier.

2002

Maula MVJ, Murray GC (2002). Corporate Venture Capital and the Creation of Us Public Companies: the Impact of Sources of Venture Capital on the Performance of Portfolio Companies. In Lucier C, Nixon R (Eds.) Creating Value: Winners in the New Business Environment, Oxford: Blackwell.

Birkinshaw J, Murray GC, van Basten Batenburg R (2002). Corporate Venturing: the State of the Art and the Prospects for the Future. London Business School, London.

Murray GC, Lockett A, Wright M (2002). Do UK Venture Capitalists Still have a Bias Against Investment in New Technology Firms?. Research Policy, 31(6), 1009-1031.

Brugel O, Fier A, Licht G, Murray GC (2001). The Rapid Internationalisation of High Tech Young Firms in Germany and the United Kingdom. Anglo-German Foundation for the Study of Industrial Society, AGF. Full text.

External positions

Founder Member of the British Venture Capital Association's Research Advisory Board

Formal Expert Reviewer of the Australian Government's Innovation Investment Fund

Occasional advisor to the Finnish, German, Dutch, Australian and New Zealand governments on entrepreneurship policy

Founder and organiser of the Norface and 'Express' Entrepreneurship Policy Research seminars (separately co-funded by Norface and the ESRC along with government participants) with joint sponsorship of the UK, Finnish, German governments during their respective European Union presidencies. Seminars attended by some 60 policy makers and academics from some 16 countries